U.S. chain store sales fall for third straight week

WASHINGTON (CBS.MW) -- U.S. weekly chain store sales fell for the third straight week, according to the ICSC-UBS weekly chain store index. The index fell 0.7 percent last week. The index weakened to a 3.9 percent year-over-year increase, compared with a 4.9 percent year-over-year increase in the previous week. This is the slowest pace since the week ended August 9. 2003. "The lack of clearance sales this January -relative to last year - is the primary reason for the slower year-over-year sales pace, which is not bad since it reflects good inventory management during the holiday season and a pickup in consumer demand," said Michael Niemira, ICSC's chief economist. ICSC-UBS continues to expect January chain store sales to rise about 3.5 percent year-on-year.

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